Signs of a healing—though still depressed—jobs market provided some slight lift to mortgage rates this week, market data shows.
A year ago, the 30-year fixed-rate mortgage (FRM) averaged 4.51 percent following a spike in late June. This week marks the third straight period in which interest rates were down compared to last year.
The 15-year FRM this week averaged 3.24 percent (0.6 point), up from 3.22 percent a week ago.
Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent (0.4 point) for the week—up 1 basis point—while the 1-year ARM averaged 2.40 percent (0.4 point), up 2 basis points.
In its own national survey, Bankrate.com recorded similar results, clocking the 30-year fixed average at 4.31 percent and the 15-year fixed at 3.41 percent, both up slightly compared to last week. The 5/1 ARM was unchanged at 3.33 percent.
Though some might have expected a bigger upward push following the June labor report—which showed 288,000 jobs added and a drop in the unemployment rate to 6.1 percent—Bankrate analysts explained that market movements abroad are continuing to have an effect at home: "In large part the flood of cheap money from central banks around the globe is keeping a lid on rates, even in the face of the type of economic news that historically has pushed rates higher in a more pronounced way."